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Thomas Book, member of the Eurex executive board responsible for clearing

First hedge fund joins EurexOTC Clear for client clearing

The European hedge fund Whard Stewart Master Fund has joined the client-clearing services of the new EurexOTC Clear for Interest Rate Swaps (IRS).

JP Morgan, one of the largest clearing service providers for listed and OTC derivatives globally, acted as clearing member in respect of initial transactions for Whard Stewart, which was on-boarded as a Registered Customer.

“We have found that clients appreciate the margin efficiencies of clearing listed and OTC in a single CCP. Eurex clearing understands the importance of client asset segregation, and their responsiveness in shaping the new service to meet market needs has been key for us in being among the first clearing members to clear client trades,” says Hester Serafini, global co-head of OTC Clearing at JP Morgan.

Walter Womersley, chief operating officer, Whard Stewart, says: “As OTC derivatives are crucial to our strategies and performance, choosing a comprehensive and efficient clearing offering in time for the clearing requirements is mission critical for our future success. EurexOTC Clear, offered through JP Morgan as our clearing service provider, offers comprehensive and innovative solutions to meet our demands.”

“We are very pleased about the on-boarding of Whard Stewart to our client-clearing services. It is a strong affirmation of our comprehensive offering for a wide range of buy side institutions. Having one of our largest clearing members, JP Morgan, introducing the client confirms the substantial progress made over the last few months,” says Thomas Book (pictured), member of the Eurex executive board responsible for clearing.

With its new service, EurexOTC Clear for IRS launched on 13 November 2012, Eurex Clearing will fully integrate the clearing and collateralisation of OTC and listed derivatives in a single clearing house within one single framework. The new service, which will be further expanded in 2013, is one important element of Eurex Clearing’s roadmap in preparing for the changing regulatory environment. The roadmap includes an integrated cross-product service portfolio, a broad eligible collateral spectrum and Eurex Clearing Prisma, the planned portfolio risk management across listed and OTC derivatives.

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